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Comment on Announcement of Arbitration

Mitsubishi Heavy Industries, Ltd. today announced that it has filed an arbitration claim against Hitachi regarding the transfer price adjustment in connection with the certain boiler construction projects ("Projects") in the Republic of South Africa that involves Mitsubishi Hitachi Power Systems, Ltd. (“MHPS”), which is the joint venture company that integrated the respective thermal power generation system businesses of MHI and Hitachi.

As of today, Hitachi has not confirmed contents of the mentioned arbitration because the company has not received the notification of such arbitration claim yet. Hitachi will continue to respond sincerely to MHI, an important business partner, toward a resolution based on discussion.

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